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Schmidt Mortgage Company Blog

Sudden drop in Millennial homeownership points to weakening affordability; presents opportunity for home builders

Millennial homeownership dropped from a three-year high of 36 percent in the fourth quarter 2017 to 35.3 percent in the first quarter of this year, according to recent data from the United States Census Bureau. What’s causing young adults to start shying away from home buying? According to CNBC’s housing and real estate contributor, Diana Olick, the culprit is clear: weakening affordability and lack of available starter homes. “Millennials make up the largest share of those seeking starter homes, a portion of the market that saw inventory plummet 14.2 percent and prices leap nearly 10 percent year-over-year in Q1 2017,” wrote

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Home sales strengthen, rates rise

Stocks Drop, Rates Rise, Home Sales Strengthen Overview: The stock market dropped sharply over the past week. Normally, this would result in investors shifting assets to bonds, and the added demand would push yields lower. However, that was not the case this week, and mortgage rates ended at the highest levels in four years. Several big-picture factors negatively affected mortgage rates over the past week. Investor expectations for future inflation increased. Investors also raised their outlook for the pace of tightening by the Federal Reserve, meaning that they now view four rate hikes this year as more likely. The supply of

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In some metros, home prices have hit new highs

  Across the United States, there are several metros where home prices have never been this high. Roughly half of 105 metro areas studied by ATTOM Data Solutions, a real estate data provider, were above their prerecession home price peaks in the first quarter of this year. “Rising interest rates and recently enacted tax reform that removed some tax incentives for homeownership were not enough to cool off red-hot home price appreciation in many parts of the country, with 30 of the 105 local markets analyzed posting double-digit gains in median home prices in the first quarter,” said Daren Blomquist,

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Akron

1953 Englewood Ave.
Akron, OH 44312
Phone: (330) 798-4677
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Rocky River

20545 Center Ridge Road
Suite 250
Rocky River, OH 44116
Phone: (440) 356-3242
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Willoughby

35104 Euclid Ave.
Suite 202
Willoughby, OH 44094
Phone: (440) 953-0447
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